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Report: Chinese authorities intensifying crackdown on underground banks

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Report: Chinese authorities intensifying crackdown on underground banks

Chinese authorities will intensify a crackdown againstunderground banks amid growing concerns over capital outflows from the country,Reuters reported April 12, citing Zhang Shenghui, head of the country's StateAdministration of Foreign Exchange.

Zhang Shenghui said SAFE's crackdown will focus onunderground banks, people who use such banks and channels for underground banktransactions, according to a report carried by state-run Economic Information Daily.

The move came as transaction involving underground banks inChina amounted to more than 1 trillion yuan in 2015. In November 2015, Chinesepolice raided morethan 10 underground banks that collectively participated in US$23 billion oftransactions during the past few years. Further, in the same month, Chinesepolice uncoveredillegal transactions of up to 410 billion yuan.

As of April 12, US$1was equivalent to 6.47 Chinese yuan.